然而，该产业近期面临资金难题。董先生解释："前期，我们更新设备和收储原料占用了大量资金，造 成流动资金紧张。"为保障生产，董先生向该行申请了100万元流动资金贷款。 尽管雪天路滑，客户的需求刻不容缓。客户经理坚持按约定上门，深入厂区实地勘察原料规模、了解生 产工艺、评估市场前景，并与董先生详细沟通资金使用计划。通过高效的调查与审批，100万元信贷资 金很快发放到企业账户。 "这笔贷款来得真是及时而关键！"资金到位后，董先生信心十足，"现在资金有了保障，我们不仅能稳 住库存，还能扩大收购规模，确保全年生产线满负荷运转。" 该行此次雪中进行贷前调查并及时发放贷款，不仅提供了周转资金，更体现了对乡土产业的信任，展现 了与小微企业共克时艰的情谊。该行以实际行动践行"以客户为中心"的服务理念，诠释了"百姓银行"的 责任与担当。在服务乡村振兴、赋能实体经济的进程中，该行正通过一次次精准支持，推动金融与地方 经济共同发展。 齐鲁晚报.齐鲁壹点李可通讯员朱国朝 大雪初霁，鲁西南平原被积雪覆盖。成武农商银行的一名客户经理乘坐的汽车，在积雪未消的公路上小 心翼翼地行驶，短短5公里路程开了近半小时。客户经理此行是要前往董先生的工厂 ...

1月11日，在巴彦淖尔乌拉特前旗工业园区，中科化工有限公司员工正在查看设备运行情况。据了解， 该企业将农村废弃玉米芯水解和精制后提取糠醛，年产2万吨，年产值约1.6亿元，年均上缴利税1600多 万元，每年可为当地农牧民增收6000多万元，直接提供50余个就业岗位，间接带动200多人就业，为地 方经济发展注入强劲动力。 转自：内蒙古日报 （来源：内蒙古日报） ...

Core Viewpoint - Shengquan Group is actively developing high-value lignin products to support its Daqing project in achieving its goals of reducing losses and increasing efficiency [2] Group 1 - The Daqing project has an annual production capacity of 1 million tons of biomass refining integration [2] - Main products from the Daqing project include straw pulp for household paper, furfural, and lignin products [2] - Lignin products focus on biochar, hard carbon anode materials, dye dispersants, and zero-carbon fuels [2]

Core Viewpoint - Jiangsu Qingquan Chemical Co., Ltd. (referred to as "Qingquan") is advancing its IPO on the ChiNext board, aiming to raise 492 million yuan for various projects [1] Company Overview - Qingquan specializes in the R&D, production, and sales of specialty fine chemicals and high-performance polymer materials, recognized as a national-level "little giant" enterprise focusing on specialized technologies [3] - The company has developed a product matrix that includes new material monomers, green solvents, pharmaceutical and pesticide intermediates, and specialty polymer materials, with applications in aerospace, wind power, automotive, electronics, medical devices, chemicals, pharmaceuticals, and pesticides [3] - Qingquan is one of the early adopters in China to develop non-grain biomass-based raw materials, specifically furfural, breaking the traditional reliance on petroleum-based products [3] Technical Capabilities - Qingquan is recognized for its large-scale application of high-pressure catalytic hydrogenation technology in the fine chemical sector and has been designated as a "High-Pressure Catalytic Hydrogenation Engineering Technology Research Center" by the Jiangsu Provincial Department of Science and Technology [4] - The company has achieved international advanced levels in the development and industrialization of selective catalytic hydrogenation technology for cyclic specialty monomers, with its six-membered aromatic ring hydrogenation catalyst and process being internationally leading [4] - Qingquan's core products, MACM and 2-MeTHF, hold approximately 28% and 19% of the global market share, respectively, indicating a strong competitive position in the industry [4] Financial Performance - From 2022 to the first half of 2025, Qingquan's revenue is projected to grow from 687 million yuan to 797 million yuan, with net profits increasing from 53 million yuan to 99 million yuan [5] - The funds raised from the IPO will be allocated to projects including the technical transformation of MACM production, the production of furfural, tetrahydrofuran, and the establishment of a research and development center [5]

Core Viewpoint - Yinuo Biotech, a company focused on converting agricultural waste into high-value bio-based materials, has recently been listed on the New Third Board and is preparing for a listing on the Beijing Stock Exchange, highlighting its active engagement in the capital market [2]. Group 1: Company Overview - Yinuo Biotech was founded in 2015 and is led by Liu Zhanjie, who focuses on transforming corn cobs into valuable bio-based compounds such as furfural and its derivatives [4]. - The company's traditional product, furfural, has accounted for over 50% of its revenue in recent years, while 2-methyl tetrahydrofuran and 1,2-pentanediol are significant contributors to its gross profit [4]. Group 2: Industry Recognition - Yinuo Biotech has achieved "national and provincial dual champion" status, with its core product 2-methyl tetrahydrofuran recognized as a manufacturing champion at both levels, following the earlier recognition of furfural [5]. - The company’s 1,2-pentanediol product was awarded the title of "Innovative Product of the Year" by the China Petroleum and Chemical Industry Federation in 2024, underscoring its technological innovation and industrial value [4]. Group 3: Environmental Impact and Sustainability - Yinuo Biotech's production of 2-methyl tetrahydrofuran, derived from corn cobs, contributes to significant reductions in carbon footprints for downstream clients, aligning with the green and low-carbon goals of the high-end chemical industry in Shandong Province [5]. - The company has established a circular economy system by fully utilizing corn cobs and optimizing production processes, providing a sustainable development model for the bio-based materials industry [5]. Group 4: Research and Development - Yinuo Biotech emphasizes technological innovation and project development, collaborating closely with research institutions such as the Chinese Academy of Sciences and Shanghai Jiao Tong University to advance its product offerings [6].

Core Viewpoint - The straw industry in China is deeply integrated with agriculture, energy, chemicals, and building materials, forming various industrial chains that enhance rural employment and farmers' income while creating indirect economic value through the substitution of petrochemical and wood resources [1][12]. Market Policies - A series of national policies have been implemented to promote comprehensive utilization of straw, with local governments providing subsidies, market construction, and incentive measures to support the development of the entire straw recycling, processing, and utilization industry chain [8][9]. Industry Chain - The straw industry chain consists of upstream resource supply and equipment manufacturing, midstream processing, and downstream diversified applications, evolving towards scale, high value, and intelligence [9][10]. Development Status - The comprehensive utilization of straw in China is projected to increase from 555 million tons in 2024 to 647 million tons, with a utilization rate rising from 77.7% to 88.3% and market size expanding from 147.63 billion yuan to 205.10 billion yuan [1][13]. Competitive Landscape - The straw comprehensive utilization market is characterized by a fragmented structure with many small-scale enterprises, including those focused on fertilizer, feed, and energy applications [13][14]. Development Trends - The future of straw utilization will shift towards high-value applications, including biodegradable tableware and bio-based composite materials, while also enhancing collaboration across the industry chain [16][17]. - Technological innovations will focus on key processes such as straw pretreatment and conversion, improving efficiency and reducing costs [19][20].

证券代码：605589 证券简称：圣泉集团 公告编号：2025-086 济南圣泉集团股份有限公司 关于公司 2025 年前三季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 济南圣泉集团股份有限公司（以下简称"公司"）根据上海证券 交易所《上海证券交易所上市公司自律监管指引第 3 号行业信息披 露：第十三号——化工》的要求，现将公司 2025 年前三季度主要经 营数据披露如下： 二、主要产品和原材料的价格变动情况 （一）2025 前三季度公司主要产品价格变动情况 | 主要产品 | 2025 年前三季度 | | 2024 年前三季度 | | 变动比例（%） | | --- | --- | --- | --- | --- | --- | | | 平均售价（元/吨） | | 平均售价（元/吨） | | | | 合成树脂类 | | 6,958.45 | | 7,573.81 | -8.12 | 主要产品 产量（吨） 销量（吨） 营业收入（万元） 合成树脂类 585,520.23 588,666.24 409,62 ...

Core Viewpoint - The article discusses tax incentives aimed at promoting the development of rural specialty industries and the circular economy in agriculture, specifically through a VAT refund policy for certain resource utilization products made from agricultural by-products [2][7]. Summary by Sections Tax Incentives for Resource Utilization - A VAT refund of 90% is applicable for products made from specific agricultural by-products such as straw, corn cobs, and other residual materials [2]. - Eligible products include fiberboard, particleboard, biochar, activated carbon, and various sugars and alcohols derived from these materials [2]. Conditions for Enjoying Tax Benefits - Taxpayers must obtain VAT invoices from sellers when purchasing recycled resources domestically, or appropriate customs documentation when importing [3][4]. - A detailed record of recycled resource purchases must be maintained, including supplier information and transaction details [5]. - The products sold must not fall under categories deemed as eliminated or restricted by relevant regulatory bodies [5]. Compliance and Restrictions - Taxpayers must not have received administrative penalties for environmental violations or tax law violations in the six months prior to applying for the VAT refund [6]. - The raw materials used must consist of at least 95% of the specified resources to qualify for the tax incentives [7].

证券代码：605589 证券简称：圣泉集团 公告编号：2025-064 济南圣泉集团股份有限公司 | 主要产品 | 2025 年半年度平 | | 2024 年半年度平 | | 变动比例（%） | | --- | --- | --- | --- | --- | --- | | | 均售价（元/吨） | | 均售价（元/吨） | | | | 合成树脂类 | | 7,172.62 | | 7,506.15 | -4.44 | 主要产品 产量（吨） 销量（吨） 营业收入（万元） 合成树脂类 400,506.66 391,772.98 281,003.75 先进电子材料及 电池材料 40,510.66 40,142.01 84,553.31 生物质产品 142,261.30 134,080.92 51,573.94 一、 主要产品的产量、销量及收入实现情况 | 主要原料 | 2025 | 年半年度平均采购 单价（元/吨） | 2024 年半年度平均采购 单价（元/吨） | 变动比例 （%） | | --- | --- | --- | --- | --- | | 苯酚 | | 6,443.04 | 6,786.59 | ...

Summary of Shengquan Group Conference Call Company Overview - Shengquan Group reported a revenue exceeding 10 billion yuan in 2024, with a year-on-year growth of 9.87% and a net profit attributable to shareholders of 868 million yuan, also up by 9.9% [2][7] - In Q1 2025, revenue grew by 15% year-on-year, and net profit increased by over 50%, indicating strong profitability with gross and net profit margins reaching new highs post-pandemic [2][7] Key Developments Electronic Materials - Shengquan Group achieved breakthroughs in the electronic materials sector, particularly with its self-developed polyphenylene oxide (PPO) and OP PPE resins, which have been certified by leading domestic companies [2][4] - The company has established an annual production capacity of 1,300 tons for these resins, with expectations for significant volume increase in 2025 [2][4] - The electronic resin products are primarily used in copper-clad laminates and semiconductor packaging, with projected revenues for 2025-2027 of 12.143 billion, 13.698 billion, and 15.535 billion yuan, reflecting year-on-year growth rates of 21.2%, 12.8%, and 13.41% respectively [4][10] Biomass Chemical Products - Shengquan Group focuses on the development of cellulose, hemicellulose, and lignin, with an annual production capacity of 20,000 tons of xylose and 15,000 tons of xylitol, which are profitable products [2][6] - The Daqing project, which has completed technical upgrades, is expected to contribute to profits as its operating rate stabilizes [2][6] Integrated Biomass Utilization - The company has developed the Shengquan method for integrated biomass utilization, efficiently using all components of straw [2][9] - The Daqing straw integration project has been completed and is producing products like large-axis paper and furfural, with ongoing research into biochar and high-purity lignin [2][9] Financial Performance - Shengquan Group's financial performance has been robust, with a gross margin of 24.13% and a net margin of 8.79% in Q1 2025, both marking new highs since the pandemic [7] - The company maintains a low overall debt ratio and sufficient cash flow, supporting business expansion and operations [7] Future Goals - The company aims to double profits and employee income from 2025 to 2027 and has announced an employee stock ownership plan to incentivize staff [2][8] - A targeted issuance of 62.25 million shares at 14.06 yuan per share, subscribed by the controlling shareholder, reflects confidence in future development [2][8] Market Position - Shengquan Group is a leading player in the synthetic resin industry in China, with a production capacity of 650,000 tons of phenolic resin, capturing over 26% of the domestic market [3] - The company benefits from scale and R&D advantages, allowing it to mitigate environmental costs compared to smaller competitors [3] Risks - The report highlights several risks including valuation risk, profit forecast risk, operational risk, financial risk, technological risk, and policy risk, which could impact the company's long-term growth potential [12] Valuation - The company's reasonable valuation range is estimated between 28.8 and 29.74 yuan based on free cash flow and relative valuation methods, with an initial rating of outperforming the market [4][11]